News & Events

Resort Assures Shareholders Of A Better Performance

Resort Savings & Loans Plc has assured its shareholders of better performance in the future.
Mr Abimbola Olayinka managing director of the company disclosed this during the listing by way of introduction of the company’s shares on the Nigerian Stock Exchange (NSE).
The company listed a total of 13.175 billion ordinary shares of 50 kobo each at 95 kobo per share, gained eight kobo to close at N1.03 last Wednesday which was the last trading day.

Olayinka said the company listed on the mortgage companies sub-sector had a successful private placement in year 2008, remarking that the company is now a force to be reckoned with.
According to him, the company’s capital base currently stands at N6.6 billion with shareholders which spread over the world in excess of 14,000.
He said the company recorded turnover of N485 million for the year ended December 31, 2008.
The managing director explained that the mortgage company was not being threatened by any known or unknown situation, adding that the company will continue to wax stronger.

“We have started the financial year with impressive performance since the funds given to us by the shareholders are being put to profitable use “, he noted.
He said the company’s actions are designed to elevate their values to higher level of excellence and organizational priorities are well set to withstand the test of times.
Olayinka said the resort saving and loans is collaborating with other real estate with the aim of lifting its turnover and investment in the sub-sector across the country.
Oghenakpobo Idudu, chairman of the company remarked that it has a wholly owned resort developers limited which anchored the real estate operations of the bank.

Idudu said the company the subsidiary has projects in stream that would impact positively on the asset base and profitability of the bank, adding that the company is being managed by competent professionals in the real estate industry.
He said currently, the company’s branches increased from two to six before the end of 2008 which is Boyle Street, lekki, ikeja, yola, jalingo and Abuja respectively.
The chairman said the company strategy is to establish braches revolving around developing an estate within a locality or nearness to major market with a view to attracting business from all strata of the populace, adding that other branches are coming up at Port-Harcourt, Mushin among others.

Idudu explained that the impressive performance of the bank was accounted for by higher and sustainable earnings derived from its core operations as seen in the growth in interest income to N378 million as against N7 million in the year 2007.
According to him, the strategic business units are being strengthened to contribute to the profitability of the bank and expected to impact positively in the foreseeable future of the bank.

Source: FINANCIAL STANDARD,Monday, November 30, 2009

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